$285 million for roads, parks, and housing finally a go in Oakland

""The oversubscription ultimately allowed the City to lower the final interest rates offered to investors and reduce the City's borrowing cost,""

""Oakland is on the move and building momentum with this bond sale,""

""We are reviving access to funding for paving our streets, restoring public facilities we all use and depend upon, and investing in affordable housing for our community, all while maintaining transparency and fiscal discipline.""

""Together, we are strengthening our foundation for generations to come,""

The city sold $285 million in municipal bonds within a week after a two-year delay tied to a downgraded credit rating and fiscal concerns. Investors submitted $638 million in orders from 26 firms, creating an oversubscription that lowered final interest rates and reduced borrowing costs. The Measure U multiple-tranche package will fund affordable housing, roads, libraries, senior centers, parks, and refinance $49 million in old loans. Series 2025B-2 is tax-exempt for affordable housing while 2025B-1 and 2025B-3 are taxable for public works. The city issued $143.5 million tax-exempt bonds at 3.99% and $191 million taxable bonds at 5.55%.

Read at The Oaklandside